University Professor
He taught in both the MIT Department of Economics and the MIT Sloan School of Management from 1948 to 1957, with a leave of absence in 1955 to serve on President Dwight Eisenhower's Council of Economic Advisers as a senior staff economist. In 1957, Shultz joined the University of Chicago Graduate School of Business as professor of industrial relations. Later, he was named dean in 1962. While at UChicago, he was influenced by Nobel prize winners Milton Friedman and George Stigler, who reinforced Shultz's view of the importance of a free-market economy. He increased enrollment of African American students in the M.B.A. program.
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“To get a man soundly saved it is not enough to put on him a pair of new breeches, to give him regular work, or even to give him a University education. These things are all outside a man, and if the inside remains unchanged you have wasted your labour. You must in some way or other graft upon the man’s nature a new nature, which has in it the element of the Divine.”
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